Subchapter 1 - GENERAL PROVISIONS

Section 11-601

Section 11-601

  § 11-601 Definitions. When used in subchapters one through five:
  1.  "Taxpayer"  means  any corporation, association or other entity or
individual subject to tax under this chapter;
  2. "State", "the state" or "this state" means the state of New York;
  3. "Tax law",  "insurance  law",  "private  housing  finance  law",  "
environmental  conservation  law",  "public housing law", "state finance
law",  "general  municipal  law",  "public  service  law",  "   workers'
compensation  law",  "business corporation law", "civil practice law and
rules", "criminal procedure law", and "banking law" refer to laws of the
state;
  4. "Superintendent of insurance", and "commissioner of  health"  refer
to officials of the state;
  5.  "Commissioner of finance" means the commissioner of finance of the
city;
  6. "Department of finance" means the  department  of  finance  of  the
city;
  7. "Domestic corporation" means a corporation organized under the laws
of the state; and
  8.  "Tax  appeals tribunal" means the tax appeals tribunal established
by section one hundred sixty-eight of the charter.
  10. "REIT" means a real estate investment trust as defined in  section
eight hundred fifty-six of the internal revenue code.
  11.  "RIC"  means a regulated investment company as defined in section
eight hundred fifty-one of the internal revenue code.
  12. "Captive REIT" means a REIT (a) that is not regularly traded on an
established securities market, and (b) more than fifty  percent  of  the
voting stock of which is owned or controlled, directly or indirectly, by
a  single  corporation that is not exempt from federal income tax and is
not a REIT. Any voting stock in a REIT that  is  held  in  a  segregated
asset  account  of a life insurance corporation (as described in section
eight hundred seventeen of the internal revenue code) shall not be taken
into account for purposes of determining whether a  REIT  is  a  captive
REIT.
  13.  "Captive  RIC" means a RIC (a) that is not regularly traded on an
established securities market, and (b) more than fifty  percent  of  the
voting stock of which is owned or controlled, directly or indirectly, by
a  single  corporation that is not exempt from federal income tax and is
not a RIC. Any voting stock in a RIC that is held in a segregated  asset
account  of  a life insurance corporation (as described in section eight
hundred seventeen of the internal revenue code) shall not be taken  into
account for purposes of determining whether a RIC is a captive RIC.
  14.  Unless  a different meaning is clearly required, any term used in
this chapter shall have the same meaning as when used  in  a  comparable
context  in  the  laws  of  the United States relating to federal income
taxes, and any reference to the laws of the United States shall mean the
provisions of the internal revenue code of nineteen hundred  fifty-four,
and  amendments  thereto, and other provisions of the laws of the United
States relating to federal income taxes, as the same are included in the
appendix to this chapter. (The quotation of the aforesaid  laws  of  the
United States is intended to make them a part of any appropriate chapter
and  to  avoid  constitutional  uncertainties which might result if such
laws were merely incorporated by reference. The quotation of a provision
of the federal internal revenue code or of any other law of  the  United
States  shall  not  necessarily  mean  that  it  is applicable to or has
relevance to any of the chapters.)